Non-QM Loans
At ICore Lending Orange Branch, we help our clients obtain many different types of home loans. That also includes non-QM loans. To learn more about if a non-QM loan is right for you, reach out to our knowledgeable team today! We are happy to take the time to consult with you to help you determine the best loan for your circumstances.
Contact ICore Lending Orange Branch to get started. Call (877) 405-5412.
What is a Non-QM Loan?
Non-QM loans are mortgages that did not meet the requirements to be qualified mortgages. Non-QM loans use alternative methods to verify income to help the borrower get approved for a mortgage loan instead of using traditional income verification methods. This type of loan can allow someone to own multiple properties without them being used against you. Most often, non-QM loans are for people who may have high debt or low credit.
What Are the Benefits of Non-QM Loans?
There can be many benefits to non-QM loans. The most common include:
- Greater Underwriting Flexibility
- No Personal Income Calculations Are Required
- No Job History Is Required (in Some Cases)
- As Little as 10% Down Required
- No Reserves Required (In Some Cases)
- Credit Scores as Low as 620 Allowed (580 W/ Compensating Factors)
- Low Debt-Service-Coverage Ratio (DSCR) on Investment Properties
- Counting Rental Income (Including Airbnb & VRBO)